Technical analysis GBP/USD 7 February 2013

“Bears” could not fix the price below the 1.5670/60 support, trading is back up and not it is at levels 1.5720/30. Some indicators changed the direction on the rising, which could signal a possible continuation of the recovery. However, remained in the oversold zone SS indicates the corrective nature of growth and the high possibility of new lows. Tradings stay in the down link (red line) also speaks of the continuing downward preferences and upholds expectations test of support at 1.5550/40 and 1.5500/10 further. However, we can not exclude short-term growth rates, in the observed correction to 1.5810/00 resistance. Signal of a reversal in the upward trend remains the same – the breakdown of the 1.6000 level.

About Author

Hello, my name is Arkady Nagiev and I’ve been working for Forex4you company since 2008. I received an economic education and worked in various sectors of former Soviet Union. After the dissolution of the USSR, I decided to engage in the banking sector.
In 1994 I took "Banking" course in the Moscow International Financial and Banking School. After that, I worked in the banks of Turkmenistan and Ukraine. While working at the bank, I became interested in the foreign exchange market, which required additional knowledge and pushed me to study strategies and techniques for the analysis of foreign exchange instruments.
At first, I thought that technical analysis would be enough, but I soon realized that I was wrong, and began to study fundamental analysis. I sincerely hope that my Forex reviews and financial analyses help our clients to gain a better understanding of the forex market. Good luck with your trading everyone!